Opening a Savings Account is a classic method of saving and banking. You can contribute to the account as per your suitability and build savings over time. Moreover, your Savings Account deposits attract a competitive interest rate. This way, your savings will grow steadily without any effort.
A Savings Account extends a host of banking services and benefits. This lets you manage financial needs of any size in a hassle-free manner. Savings Account is a standard banking account. Hence, you can open Bank Account online with any preferred bank.
There are varied types of Savings Accounts. The core features of all account types remain the same. The difference between them is in their eligibility criteria and banking benefits. In this blog, we will discuss the main types of Savings Accounts. And a list of tips to help you choose the right Online Savings Bank Account.
Different Types of Savings Account:
Following is a description of the primary types of Savings Account:
- Regular Savings Account
The Regular Savings Account is a basic type of account. You can securely deposit funds in the account to ensure its protection. The account deposits will fetch you an attractive interest rate. Essentially, you can protect, save, and build your money with the account.
You enjoy unrestricted access to the funds deposited in the Regular Savings Account. When you open Bank Account online, the bank issues a Debit Card. The card facilitates quick transactions and withdrawals. This makes money accessible when required.
- Zero Balance Savings Account
A Zero Balance Account is similar to a Regular Savings Account. There is only a major difference. The Zero Balance Savings Account does not need minimum balance maintenance. This means you can deposit, withdraw, and transact without worrying about balance maintenance.
- Children’s Savings Account
The Children’s Savings Account is for young children. It is a good way to develop a habit of saving in children from an early age. The accumulated savings can benefit your child’s future.
- Women’s Savings Account
The Women’s Account aims to empower modern-day women in their financial journey. The account’s core features are like those of the Regular Savings Account. However, the account extends exclusive banking benefits that enrich the banking experience for women. These include Personal Loan offers, discount offers on leading retail brands, and more.
- Senior Citizen Savings Account
The Senior Citizen Savings Account is only for senior banking customers. The account attracts a higher Savings Account interest rate. This translates to better-interest earrings. It offers benefits like priority banking, higher Fixed Deposit interest rates, and more. This allows senior citizens to use the bank without any hassles.
Note: Banks may offer various product options for the mentioned types of Savings Accounts. Check with the bank’s customer executive or visit their website/ app for more details.
Tips to Choose the Right Online Savings Account:
There are distinct Savings Account options. Each account caters to a unique banking purpose. Understanding your banking needs is crucial for selecting the right type of account. Once you know your banking needs, open a Bank Account online that aligns with them.
Furthermore, considering the following pointers can help choose the right account:
- Eligibility Criteria
Account eligibility criteria are the most important factor to consider when opening an account. Ideally, all Indian citizens are eligible to open a Savings Account. However, only specific individuals can open women’s and senior citizens’ Accounts. Therefore, assess your eligibility to open a suitable type of Savings Account.
- Account Features and Benefits
All types of Savings Accounts have the same core features. However, they differ in their additional features and banking benefits. If you need an account with higher limits, select one that meets those requirements. Or, if you need an instant virtual Debit Card, open an account that offers one.
- Interest Rate
Savings Account interest rate varies from one bank to another. It also differs for each Savings Account product. A Regular Savings Account will fetch you a reasonable interest rate. A Premium Savings Account may attract a better interest rate. So, consider your interest-earning goals to open Bank Account online.
- Minimum Balance Requirement
Every bank has a specific minimum balance requirement. It also depends on the account type. Consider your monthly cash flow and open an account with a manageable balance requirement. Consider a Zero Balance Savings Account to avoid the hassles of balance maintenance.
- Fees and Charges
Fees and charges may differ from account to account. Choose a Savings Account with a transparent and fair fee structure. You should also note any additional costs and taxes applicable to the account.
After selecting the account type, you can open Bank Account online via internet or mobile banking.
Conclusion
A Savings Account helps you secure, save, and grow your money. There are different types of Savings Accounts. The core features of all kinds of accounts are the same. However, they differ in terms of eligibility, extra features, and banking benefits. Consider your banking needs to choose the right Online Savings Account for yourself.
